Earnings hopes lift equities, global cues cap gains (Ld)

Mumbai, Aug 27 (IANS) Better than expected earning results along with positive outlook commentary lifted the Indian equities market on Thursday.

However, negative global cues over concerns surrounding the US Fed Chairman’s speech at the Jackson Hole Symposium on Thursday induced volatility in the local indices.

Market participants expect to gain further cues on future stimulus measures from the speech.

Similarly, anxiety over the outcome of the GST Council meet also impacted sentiments.

Sector-wise, the top gainers were BSE Realty, Auto, CD and Healthcare indices, whereas top losers were BSE Oil and Gas, Telecom, Power and FMCG indices.

Index-wise, the BSE Sensex closed at 39,113.47, higher by 39.55 points or 0.10 per cent from the previous close of 39,073.92.

It opened at 39,293.53 and touched an intra-day high of 39,326.98 and low of 39,046.94 points.

The Nifty50 on the NSE closed at 11,559.25, higher by 9. 65 points or 0.08 per cent from the previous close.

“Technically, with the Nifty moving up further, the next upside target for the Nifty is now at 11,614 points. Short-term trend reversal levels remain at 11,463 points,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Realty stocks rose even as Maharashtra cut stamp duties on sale of homes to 2 per cent from 5 per cent through 2020,” he said.

According to Vinod Nair, Head of Research at Geojit Financial Services, “The Indian benchmark indices showcased a strong opening, and although it g ave up some of its gains, still managed to close with a positive bias. Global cues were mostly negative, ahead of expected policy statements by the US Fed Reserve chairman and also due to the ongoing US-China trade tensions.

“Domestically, Autos and Financials contributed most to the gains af ter favourable earnings commentary and some earning upgrades prompted invest or action.”

–IANS

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